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Iberdrola sell stake in EA1 to GIG
Posted on Monday, 12 August 2019 11:07
Iberdrola is selling 40.0 per cent of East Anglia One to Macquarie’s Green Investment Group (GIG) in a GBP 1.63 billion deal that values the owner of the UK offshore wind farm project East Anglia ONE (EA1) at GBP 4.10 billion.
The consideration includes the pro-rata portion of the total investments needed to complete the construction of the 714.00 MW development located 43.00 kilometres off the UK’s Suffolk coast.
EA1 will comprise 102 Siemens Gamesa 7.00 MW wind turbines, which, when fully operational, will produce enough green electricity to power the equivalent of over 600,000 homes annually.
The development is supporting thousands of jobs throughout the supply chain and over 50.0 per cent of all project investment will be spent in the UK.
All 306 glass fibre turbine blades – which are comparable in length to the wingspan of an Airbus A380 - are being manufactured in Hull, while a number of the 90-metre-high towers are being produced in Machrihanish, Scotland.
Capital investment on wind power plant construction in the 12 months of 2018 was GBP 291.60 million (2014: GBP 286.40 million).
Iberdrola’s ScottishPower Renewables (SPRUK) spent a further GBP 319.90 million (2017: GBP 142.30 million) on the offshore transmission asset associated with the facility.
Net cash outflows from operating activities increased by GBP 177.80 million to GBP 313.60 million over the period and net debt rose by GBP 590.30 million to GBP 998.70 million.
GIG is carrying out the deal via, Bilbao Offshore Holding, and it is the first time it will work together with Iberdrola’s SPRUK.
The acquisition reinforces the commitment of Macquarie’s renewable arm in accelerating the UK’s energy transition.
It brings the total capacity of UK offshore wind supported by GIG to over 5.70 GW, across 14 projects - equivalent to almost 50.0 per cent of the total UK offshore wind capacity in operations or construction.
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